Opening your dream university acceptance letter or e-mail is arguably one of the proudest moments in any student’s life. But if the university is located outside your country, it brings along a bevy of complicated financial issues if you come from a working class background.
When your parents have to send money for your tuition fee, your books, your accommodation, and your food in foreign currency, it can be quite complicated for them.
With this blog, we are going to tell you about some simple ways to send money abroad to pay for your international university fees –
- Wire Transfer –
If time is not on your side and you need money urgently, you can ask your parents to send you money via Wire Transfer. It usually takes very little time for the entire transaction to be completed. Another area where it scores big is that one can send a large sum using Wire Transfer and the sum can be directly transferred to the university.
Banks and larger money changers offer wire transfer services. However, these options can be pretty expensive.
Buy Forex Online has launched its own Wire Transfer services. It is easily the best option for Wire Transfer as it charges just 0.5-1% of the sending amount. Take for instance, if you want to send a sum of USD 1000 abroad, Buy Forex Online will charge you up to Rs. 635 (as on the day of writing), one of the lowest in the market. You can send money in 26 currencies to as many as 200 plus countries across the globe.
- Foreign Currency Demand Drafts –
One of the older methods to pay for your university fee is Foreign Currency Demand Draft. The transaction fee would set you back by just INR 300 to 600, so it should be considered for paying your overseas university fee – which is usually a big amount. In addition to that, it is valid for up to six months.
However, in spite of being cheap and effective, it is not the best way to pay for your international university fee. It can be a little complicated and tiring as it involves paperwork and it can take about two weeks for the entire transaction to be completed.
So, it is definitely not reliable if you urgently need to pay the fee. Also, bear in mind that if the instrument gets damaged, you will not get its copy and the refund process can be quite cumbersome.
- PayPal and Xoom –
Another easy method for your parents to send you money to pay for your international university fee is by using PayPal. The process is really simple, as both – the sender and the recipient – need a PayPal account. If you want to send money online today itself, the recipient will receive it instantly in his PayPal account.
However, transferring the amount to the bank account takes a while. Albeit the exchange rate that PayPal provides is fairly good, the transaction fee is set at 2.9% of the total amount in addition to USD 0.30. As a result, since the amount would be pretty high, it is not advisable to use Paypal for paying overseas university fees.
Xoom – a PayPal service – is another way your parents can send you money. It is new but since it does not charge any transaction fee for bank transfer and the exchange rate is excellent (if the transaction amount is more than USD 2000), it can be a much better option than its parent company.
- Traveller’s Cheque –
Traveller’s Cheque is another old but effective method on this list. Available in every major currency, Traveller’s Cheque offers much better exchange rates than cash or ATM withdrawals. It is safe, too, as even if you lose it or it gets stolen, no one except you will be able to use it. What makes it better than Foreign Currency Demand Draft is that it does not have any expiry date.
Having mentioned all that, there are a couple of drawbacks to it as well. A Traveller’s Cheque can be encashed only from an authorized dealer. You also have to ensure that the signature at the time of withdrawal matches with the original one, else the Traveller’s Cheque would become void.
- Prepaid Forex Cards –
A Prepaid Student Forex card is the most convenient way to pay for your university fee. The transaction fee is very little (negligible?) and you get arguably the best exchange rates compared to other types of making payment.
What’s more – reloading a card is extremely easy. A prepaid forex card would allow your parents to send money to you online by reloading the card from the comfort of their home. It takes no more than 12 working hours for the entire transaction to complete, so if you need money in less than a day, you can totally count on your prepaid forex card. You also have the option to get a multi-currency prepaid forex card which allows you to carry more than one currency.
And that is not all. It is completely safe and extremely reliable and in case if you lose it, you can ask for another one without having to pay any money. It can be swiped at the university terminal. Additionally, Buy Forex Online also offers three ATM withdrawals free per month on their multi-currency forex card.